NSW Audit Office - Awareness - Issue 2004 02 - March 2004

AWARENESSccounting and Auditing Developments Issue 2 MARCH 2004AUDIT OFFICE 1AUDIT OFFICE UPDATEUPDATEAUDITOR-GENERAL’S REPORT TO PARLIAMENT 2004, VOLUME 1 ACCOUNTING 2UPDATEThis report was released on the 25 February 2004. Significant issues in this volume include:URGENT ISSUES 2GROUP UPDATEReview of InterContinental Hotel Land SaleOn 24 September 2003, a media article alleged that the sale of government land AUDITING 3under the InterContinental Hotel in August 1999 had occurred at considerably UPDATE less than the market valuation. The article referred to a site valuation in 1991 by the government valuer of $130 million and the sale price in 1999 of $37 INTERNATIONAL 5million. UPDATEThe $130 million valuation was not a market valuation of the site and is not MISCELLANEOUS 6comparable to the sale price. The sale price is within an independent market PUBLICATIONSvalue range for the site at that time. The nature and execution of the sale transaction exposed the government to a TREASURY UPDATE 7range of risks. Given the circumstances, risk management processes could have PREMIER’S 7been improved. DEPARTMENT UPDATEAudit of Members’ Additional EntitlementsMembers substantially complied with the requirements of the Parliamentary AUDIT OFFICE 8Remuneration Tribunal’s (PRT) 2002 Determination. BETTER PRACTICEGUIDESMost Members receiving the Sydney Allowance on an annual basis are late in submitting supporting documentation.9INSTITUTE OF Some ...